f8kex10xviii_pioneer.htm


     

    Exhibit
10.18

     

    
      


      LEASE AMENDING AGREEMENT


       

       

      THIS AGREEMENT made as of the
1st day of August, 2006, 

       

      BETWEEN:

       

      PIONEER
TRANSFORMERS LTD.

       

      (the
“Tenant”)

       

      AND:

       

      2600 SKYMARK INVESTMENTS INC.


       

      (the
“Landlord”)

       

      WHEREAS pursuant to a lease
dated the 8th day of October, 1998, as amended by a lease amending agreement
made as of the 20th day of March, 2001 (collectively, the “Lease”), the
Landlord, by its predecessor, as landlord, leased to the Tenant certain premises
containing a rentable floor area of 1,407 square feet, being composed of part of
the ground floor of Building 5, Suite 102 of the development municipally known
as 2600 Skymark Avenue, Mississauga, Ontario (the Lands and Building as more
particularly described in the Lease) for a term now expiring July 31, 2006 at
the rents and upon the terms and conditions contained in the Lease;

       

      AND WHEREAS 2600 Skymark
Investments Inc. is successor in interest and title as owner and landlord of the
Lands and Building

       

      AND WHEREAS the Landlord and
the Tenant have agreed to extend the Term of the Lease and to certain other
amendments to the Lease and to execute this Agreement to give effect
thereto;

       

      NOW THEREFORE THIS AGREEMENT
WITNESSES that in consideration of the mutual covenants contained herein
and the sum of TWO ($2.00) DOLLARS now paid by each party to the other and other
good and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged), the parties hereby covenant and agree as follows:

       

      1. The above
recitals are true in substance and in fact.

       

      2. Effective
from and after the 1st day of August, 2006, the Lease shall be and is hereby
amended as follows:

       

      (a) Section
3.01 is hereby deleted and replaced with the following;

       

      “The Term
of this Lease shall be Thirteen (13) years, commencing August 1, 1998 and ending
July 31, 2011, unless the Term is otherwise terminated as provided for in this
Lease.”

       

      (b) Section
4.01 shall be amended by adding the following:

       

      
        	
                Period
      of Term

              	
                Annual
      Basic

                Rent

              	
                Monthly
      Basic

                Rent

              	
                Annual
      Rate per

                Square
      foot of

                Rentable
      Area

              
	
                Lease
      Years 9, 10 & 11

                Commencing
      01/08/2006

                Ending
      31/07/2009

              	
                $18,994.50

              	
                $1,582.88

              	
                $13.50

              
	
                Lease
      Years 12 & 13

                Commencing
      01/08/2009

                Ending
      31/07/2011

              	
                $20,401.50

              	
                $1,700.13

              	
                $14.50

              


      

       

      (c) The
Landlord’s address in Section 4.05 shall be deleted and replaced with the
following:

       

      2600
Skymark Investments Inc. Suite 217

      55 St.
Clair Avenue West

      Toronto,
Ontario, M4V 2Y7

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (d) R2.03 of
Schedule R shall be amended as follows:

       

      “The
Tenant accepts the Premises in their current “as is “condition.”

       

      (e) R8.02 of
Schedule R shall be amended as follows:

       

      “During
the Term the Landlord shall provide the Tenant with reserved parking for two (2)
automobiles in the Building’s underground parking facility.”

      


      (f) There
shall be no rental credit, rent free period, tenant allowance, Landlord’s Work,
leasehold improvements or other tenant inducement whatsoever provided by the
Landlord.

       

      
        	
                3.  

              	
                The
      Landlord and the Tenant hereby acknowledge, confirm and agree that in all
      other respects the terms of the Lease are to remain in full force and
      effect, unchanged and unmodified except in accordance with this
      Agreement.

              


      

       

      
        	
                4.  

              	
                Except
      as specifically stated in this Agreement, any expression used in this
      Agreement has the same meaning as the corresponding expression in the
      Lease.

              


      

       

      
        	
                5.  

              	
                This
      Agreement shall enure to the benefit of and be binding upon the parties
      hereto and their respective permitted successors and permitted
      assigns.

              


      

       

      IN WITNESS WHEREOF each of the
parties hereto have executed this Assignment as of the date first written
above.

       

       

      Tenant:

      PIONEER
TRANSFORMERS LTD.

       

      Per:
/s/ James A.
Wilkins                     


      Name:  James
A. Wilkins 

      Title:  Vice-President

       

      Per:
/s/ Raymond
Haddad                    


      Name:  Raymond
Haddad 

      Title:  Secretary

       

      I/We have
authority to bind the Corporation

       

       

      Landlord:

      2600
SKYMARK INVESTMENTS INC.

       

      Per:
/s/ Michael
Bunston                     


      Name:  Michael
Bunston 

      Title:  President

       

      I have
authority to bind the Corporation